The Iranian currency recorded an unprecedented historical decline, exceeding the 200,000 toman (two million rials) mark against the US dollar for the first time.
At the close of trading on Sunday, the dollar was trading at around 200,050 tomans, while the euro reached a new record high of 233,700 tomans, according to data from Iranian currency market observatories.
This sharp decline in the value of the local currency comes in conjunction with statements by US President Donald Trump and Treasury Secretary Scott Bessent about Washington’s intention to impose a new package of sanctions aimed at exerting crippling economic pressure on Tehran to push it towards changing its policies.
Futures trading reflected this negative momentum, as the dollar continued its rapid upward trend that began in recent days, recording a daily jump of more than 6,000 tomans after its price had reached about 193,480 tomans the previous day.
This situation is exacerbated by escalating tensions between Tehran and Washington, with considerable uncertainty surrounding the possibility of resuming negotiations. The Iranian economy is already facing severe challenges, including high inflation and tight exchange controls, further increasing uncertainty about the country's economic future.
According to Western sources, the rising exchange rate is directly impacting the cost of imports and the prices of basic goods and services, leading to an erosion of families' purchasing power and making the currency exchange rate one of the most prominent indicators of the depth of the economic pressures the country is facing.
Uzbekistan and Azerbaijan plan to establish a joint fleet in the Caspian Sea
The spokesman for the Uzbek presidency, Sherzod Asadov, announced that his country and Azerbaijan are intensifying their efforts to establish a joint fleet in the Caspian Sea.
Asadov wrote on Telegram: "We will work together to develop the potential of the Caspian Sea corridor, improve the efficiency of the logistical infrastructure, and intensify efforts to create a joint Caspian Sea fleet."
Azerbaijani President Ilham Aliyev is on a state visit to Uzbekistan from August 23 to 24. Yesterday, Sunday, Aliyev met with Uzbek President Shavkat Mirziyoyev in Tashkent, and also attended the third session of the joint high-level council between the two countries.
Mirziyoyev and Aliyev signed a treaty of eternal friendship between the two countries yesterday, and the two sides also signed nearly 10 bilateral documents.
